You are here
Ronan Manly: Venezuela says adios to its gold reserves
12:57a CT Sunday, November 1, 2015
Dear Friend of GATA and Gold:
Venezuela lately has probably sold, leased, swapped, or otherwise encumbered more gold than reported, gold researcher Ronan Manly writes today after a painstaking review of the records of the country's central bank.
Venezuela's gold reserves, Manly writes, fell by about 61 tonnes from February to April even though the International Monetary Fund and World Gold Council did not note the decline. This decline, Manly writes, was distinct from the gold swap Venezuela was reported to be undertaking with Citigroup and might have been a sale to other investment banks or even to China.
Shipping documents at the Caracas airport, Manly adds, suggest strongly that more gold from the central bank's vaults was flown to Europe in July.
Manly concludes that Venezuela's gold reserves may be substantially lower than analysts believe are available to help service the country's external debt into 2016 and indeed may already be oversubscribed.
Manly's analysis is headlined "Venezuela Says Adios to Her Gold Reserves" and it's posted at the Bullion Star blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
We Are Amid the Biggest Financial Bubble in History;
When It Bursts, Bullion Owned in the Safest Way Will Protect Wealth
With GoldCore you can own allocated -- and most importantly -- segregated coins and bars in Switzerland, Singapore, and Hong Kong.
Switzerland, Singapore, and Hong Kong remain extremely safe jurisdictions for storing bullion. Avoid exchange-traded funds and digital gold providers where you are a price taker. Ensure that you are outright legal owner of your bullion. If you do not own segregated bullion that you can visit, inspect, and take delivery of, you are exposed.
Crucial guides to storage in Singapore and Switzerland can be read here:
GoldCore does not report transactions to any authority. Safety, privacy, and confidentiality are paramount when we are entrusted with storage of our clients' precious metals.
Email the GoldCore team at email@example.com or call our trading desk:
UK: +44(0)203-086-9200. U.S.: +1-302-635-1160. International: +353(0)1-632-5010.
Visit us at: http://www.goldcore.com
Join GATA here:
The Silver Summit and Resource Expo 2015
Park Central Hotel, San Francisco, California
Monday-Tuesday, November 23-24, 2015
Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:
Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit: